Nigeria Still Able to Entice

The Norwegian parliamentary committee on energy and environment has indicated the country's interest in investing in Nigeria's oil and gas sector.

Committee leader Bror Rahm Yngve, while on a visit to Nigeria, said that a number of Norwegian firms were keen to invest in the sector.

Rahm said the companies were set to make "huge investment" in Nigeria's oil and gas sector, just as the Norwegian national oil company, Statoil, was doing in Nigeria's deep offshore.

The team leader said given the chance, the Norwegian companies would establish some gas utilisation projects, boost the use of technology and share experiences in oil and gas exploration as well as increase the nation's revenue profile from gas.

He said Norwegian oil companies had high technical competence in pipeline construction and undersea installations, among other activities.

Responding, an aide to the Nigerian President said the nation recognised the need to build up its oil reserves, which currently stood at 33 million barrels.

The presidential aide said the interest of the Norwegian companies was timely since the nation was working to increase its oil and gas reserves.

He said apart from the opportunities available for the Norwegian companies in Nigeria's deep offshore, they could also enter into a partnership with local companies to develop marginal fields.

Nigeria has assured the Norwegian companies the chance to participate in blocks allocation.